As per the news published in the ET today, Paytm subsidiary Paytm Insurance Broking has secured a brokerage license from sector regulator IRDAI.
They are looking to offer insurance products across Auto, Health, and Life.
The wholly-owned subsidiary of Paytm has tied up with 20 insurance firms to sell insurance products. It has surrendered its corporate agency license and applied for Brokerage license recently. As corporate license allows to sell for a specific company and not allows to sell for all available pool of Insurance companies.
Paytm Insurance is going to give millions of our users the option of buying bite-sized insurance products at a competitive price, said Amit Nayyar, President- Paytm. The company is in the process of shortlisting merchant partners who would be trained to become Point of Sales Persons (PoSP). The company plans to rope in 2 lakh such PoSPs this year.
We at UnlistedZone feel that this is a good step by the company as the insurance business will boost company revenue and with 15 cr customer base, the selling of product won’t be difficult.